Don't Let Madoff Cop a Plea

[marmar]

from HuffPost:




Aaron Zelinsky
Editor, Yale Law Journal
Posted March 7, 2009 | 10:45 AM (EST)

Don't Let Madoff Cop a Plea



Bernie Madoff is trying to plead guilty. The U.S. Attorney's office shouldn't let him.

Reports indicate that Madoff's guilty plea could come as early as next week. While the image of this modern-day Ponzi sitting in jail will warm many hearts, Madoff should not be given the privilege of pleading guilty. For the good of the American people, Madoff's victims, and the American financial regulatory system, Madoff should be tried in open court.

A public criminal proceeding is the only way to develop a complete record of the largest financial fraud in history. If Madoff cuts a deal, there will be no opportunity to cross examine him, to subpoena documents, and to carry out the careful and meticulous process that a public criminal prosecution will necessarily entail. Already, there is controversy over the extent of Madoff's fraud (amazingly, he may have overstated how much money he stole - some people just don't learn). To get the facts, we need a public prosecution. Private civil litigants lack the incentives to create the complete record the U.S. Attorneys would produce, and will likely settle their suits out of court.

Furthermore, a plea deal potentially allows Madoff to derail further criminal investigation. With the lead figure busted, there will be little momentum for going after those who aided and abetted his scheme. However, a criminal prosecution will more likely follow leads to establish a complete case against all who helped Madoff's fraud. ........(more)

The complete piece is at: http://www.huffingtonpost.com/aaron-zelinsky/dont-let-madoff-cop-a-ple_b_172743.html

[BrklynLiberal]

1. I cannot think of a punishment/penalty that would be considered "justice" considering the scope of

his crime.

[hobbit709]

2. He and his wife should forfeit everything they own

And get part time jobs as greeters at Walmart.

[Frustratedlady]

4. Change that to "get in line for jobs as greeters at WalMart."

They should never be allowed to live in a penthouse apartment or keep their millions they tried to hide away in her name.

Make an example out of them and maybe the others will spend some guilty nights trying to get some sleep. God knows, they should feel so guilty they can't rest.

[New Dawn]

7. The death penalty needs to be used for these kind of white collar crimes.

[varkam]

8. Hello, China!

[burythehatchet]

3. As soon as this was announced my heart sank. I knew that the lid would be kept

firmly secured on who Madoff's co-conspirators are within the government and within organized crime (same thing).

[Tangerine LaBamba]

5. Nonsense..........

There's no guarantee that he would ever be cross-examined. He'd have to take the stand for that to happen, and do you honestly think Madoff would take the stand at a trial? No defense lawyer would ever let this happen.

This law student, with no experience in the practice of law, is talking out his ass. Any record of Madoff's transactions - if that's what they're called - will be put together with his cooperation as part of his plea deal, and the money saved on a trial - trials are costly - and the time saved are more than worth the giving up of the bloodlust, which won't get anyone anywhere.

The author of this piece needs to study his Criminal Procedure a little bit more so that he can begin to understand how the system works.

This article is an embarrassment. I wonder why someone didn't flag it before it was posted.

[customerserviceguy]

9. Good points

besides, the accused always has the right to plead guilty to the charges brought by the state. The only way I can see anything else happening is if the accused is not able to competently make such a plea, and then you'd have the issue of if the accused was competent to stand trial for the crime(s).

My guess is that Bernie knows something about others that he's laundered money for over the years. I noticed that he conveniently waited until after the election to tell his sons to turn him in, he surely had a lawyer smart enough to keep him on penthouse arrest until that attorney could approach someone in the Obama Administration with power to make that arrangement stick.

They're not going to stick him in the Witness Protection Program, but they will let him live out his days paying for his own security. There's absolutely no way he would not be killed in prison if they stuck him in the pen.

[spindrifter]

6. I agree with Tangerine...Madoff may have to

agree to testimony at his sentencing.